15th e-auction
of iron ore gets
poor response
PANAJI
The Department of Mines and Geology (DMG) could manage to sell only 5.5 lakh tons of iron ore of 21 lakh tons offered for auction during 15th e-auction, which was held on April 27. This means that only 26% of offered ore could be sold during the auction.
This came as a surprise because the sentiment in international iron ore market has improved compared to last year when slowdown in Chinese economy had taken a huge toll on the price.
DMG had kept the base price for 54-grade iron ore at around Rs 700 during the latest auction, which is a lot more than Rs 500 base price for 53-grade ore kept during the twelfth auction.
After the fifteenth e-auction, the state government is still left with around 71.5 lakh tons of iron ore to be sold through this route.
